Sarantis announced strong sales, a significant rise in profitability and an increased dividend for 2023.
More specifically, sales in 2023 amounted to 482.2 million euros compared with 445.1 million euros in 2022, up 8.3%. The company stated that this was the result of adherence to strategic priorities and the proper management of opportunities for revenue growth.
Earnings before interest, taxes and depreciation (EBITDA) amounted to 61.6 million euros in 2923 versus 45.5 million euros in 2022, up 35.3%, reflecting increased revenue and improved margins with EBITDA margin at 12.8% (vs. 10.2% in 2022). Earnings before interest and taxes (EBIT) amounted to 47.1 million euros in 2023, up 45.9% compared to 2022 (FY 2022 EBIT: 32.2 million) with the EBIT margin at 9.8% in 2023 versus 7.2% in 2022.
Earnings before taxes (EBT) amounted to 48.6 million euros in 2023 compared to 31.8 million euros in 2022, increasing by 53.2%. The EBT margin was set at 10.1% in 2023 (vs. 7.1% in 2022).
Net profits in 2023 stood at 39.3 million euros compared to 26.3 million euros in 2022, up 49.6% showing improved margins (net margin in 2023 at 8.2% compared to 5.9% in 2022).
The financial position and liquidity supported by the Group’s profitability remained strong and improved working capital management, which led to a healthy financial position with net cash of 43.6 million euros.
It should be noted that the Board of Directors of the company will propose to the General Meeting of Shareholders a gross dividend of a total amount of 15.0 million (+50.0% from 10.0 million in 2022).
The acquisition of the Polish consumer household goods company “Stella Pack S.A.” from the Group’s subsidiary in Poland, Sarantis Polska S.A., completed in January 2024, marks a new chapter in the Group’s development path. During the fiscal year 2023 the Group acquired the remaining 20% minority rights of Polipak for approximately 5 million (PLN 22 million) and fully repaid Polipak’s loans to third parties amounting to 20.9 million.
Regarding the prospects of the Sarantis group, the management emphasized that the Group is committed to a strong and consistent development of the operational base, with the complementary exploration of growth opportunities through acquisitions to follow. It is also committed to simplifying internal processes and operations in order to achieve efficiency, create value and release energy in the organization, and to further strengthen the group’s organizational capacity by upgrading its people’s skills and developing leadership capabilities. At the same time, progress continues in the rationalization of the portfolio with a simultaneous commitment to the product portfolio of the Group’s own products, i.e. high-value products in strategic categories, which can lead to further profitability and sustainable growth of the Group.
